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Rhode Island CU considers charter conversion

CRANSTON, R.I. (7/21/08)--Coastway CU, Cranston, R.I., is considering a charter change to a mutual savings bank, according to a notice on the credit union’s website. “The board of directors believes this conversion would allow Coastway to better meet the current and future needs of our members,” the statement said. “The conversion would also allow us to offer loans to anyone, regardless of whether they have a deposit relationship with Coastway.” Specifically, Coastway said it hopes to offer more member business loans, which would help it generate greater revenues. No director, officer or employee will receive additional compensation as a result of the conversion. The credit union is currently seeking written comments from members on the proposed charter change. Comments must be received before Aug. 20. On Aug. 21, the board will decide on the charter change. Coastway has $302 million in assets and 25,000 members.